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RPT-China's oil demand growth at three-year low in 2016
February 7, 2017 / 10:14 AM / 8 months ago

RPT-China's oil demand growth at three-year low in 2016

(Repeats to add reporter credit with no change to text.)
    BEIJING, Feb 7 (Reuters) - China's 2016 oil demand grew at
the slowest pace in at least three years, Reuters' calculations
based on official data showed, the latest indication that demand
from the world's largest energy consumer has diminished. 
    China's implied oil demand growth eased to 2.5 percent in
2016, down from 3.1 percent in 2015 and 3.8 percent in 2014,
Reuters' data showed, led by a sharp drop in diesel consumption
and as gasoline usage eased from double-digit growth. 
    The slowing occurred as the economy expanded by only 6.7
percent in 2016, the slowest pace in 26 years.
    "Inventory-adjusted diesel posted the first annual drop in
2016," Harry Liu, associate director of oil markets with IHS
Energy said. "Diesel consumption has been hit by an extended
period of flood in the second quarter and less demand from the
logistic sector as efficiency continue to improve" 
    Gasoline consumption was 3.6 percent higher than 2015. That
compared with growth of 9.1 percent in 2015 and a 13 percent
gain in 2014, Reuters data showed. 
    Liquefied petroleum gas usage expanded 24 percent, while
kerosene demand gained 9 percent from a year ago. Crude oil
demand growth also eased despite a record pace of imports in
2016.
    The demand will pick up again this year as the economy
bottoms out and the reviving mining industry fueled consumption
for trucks and diggers, Liu said.
    The implied oil demand is a sum of net imports of refined
fuel and domestic crude throughput. 
    
 Net imports (bpd)         2016  mom pct  yoy pct
                                     chg      chg
      Crude oil                     1.2%    13.3%
                     7,540,753            
      Gasoline                      1.8%    65.3%
                      (218,988)           
      Naphtha                      -0.8%    -0.6%
                       161,086            
      Diesel                        3.5%   114.5%
                      (295,291)           
      Fuel oil                      3.6%  -208.4%
                        33,233            
      Kerosene                      5.5%     7.5%
                      (206,225)           
      Petroleum                   -13.9%   -50.0%
      coke              26,115            
      Bitumen                      -5.6%     7.1%
                        79,251            
      Lubricants                    0.1%    11.6%
                        65,323            
      LPG                          -0.1%    38.9%
                       462,915            
      PRODUCTS                    -24.1%   -42.7%
      TOTAL            107,418            
 Output (bpd)                                    
      Crude oil                    -0.1%    -7.3%
                     3,982,888            
      Gasoline                      0.2%     6.6%
                     2,985,667            
      Naphtha                       0.5%    15.5%
                       798,179            
      Diesel                        0.5%    -0.8%
                     3,652,078            
      Fuel oil                      1.8%    11.5%
                       455,888            
      Kerosene                      0.0%     8.6%
                       857,714            
      Petroleum                     1.3%   -11.9%
      coke             389,343            
      Bitumen                      -0.5%     1.2%
                       545,042            
      Lubricants        #N/A      #N/A     #N/A
      LPG                           1.8%    19.1%
                     1,110,526            
      Refinery runs                 0.4%     3.4%
                     10,790,637           
 Implied Demand                                  
 (bpd)                                    
      Crude oil                     0.7%     5.3%
                     11,523,641           
      Gasoline                      0.1%     3.6%
                     2,766,678            
      Naphtha                       0.2%    12.4%
                       959,265            
      Diesel                        0.3%    -5.3%
                     3,356,787            
      Fuel oil                      1.9%    29.4%
                       489,121            
      Kerosene                     -1.6%     9.0%
                       651,489            
      Petroleum                     0.1%   -16.0%
      coke             415,458            
      Bitumen                      -1.2%     1.9%
                       624,293            
      Lubricants        #N/A      #N/A     #N/A
      LPG                           1.2%    24.3%
                     1,573,441            
      TOTAL OIL                     0.1%     2.5%
                     10,898,055           
 
    
    
    
    
    

 (Reporting by Meng Meng and Josephine Mason; Editing by
Christian Schmollinger)

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